PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2019

Property Plant And Equipment [Abstract]

Property And Equipment [Text Block]

NOTE 4. PROPERTY AND EQUIPMENT, NET

The composition of property and equipment at December 31, 2019 and 2018 follows:

(in thousands)
		2019		2018
Land	$	1,185	$	2,247
Buildings and improvements		1,827		1,827
Computer equipment and software		181		181
Office furniture and equipment		198		198
Total cost		3,391		4,453
Less accumulated depreciation and amortization		1,228		1,155
Property and equipment, net	$	2,163	$	3,298

Depreciation of property and equipment totaled approximately $73,000 and $77,000 for the years ended December 31, 2019 and 2018, respectively.

In August 2019, the Company transferred one its real estate properties to held for sale to generate additional cash to be invested in the MBS portfolio. The Company expects to complete the sale of this property within one year. The Company transferred the property at fair value, which resulted in an impairment charge of approximately $0.7 million during the year ended December 31, 2019. After the impairment charge, the asset has a carrying value of approximately $0.5 million and is presented separately in the consolidated balance sheets.